GeoEye’s 2010 Revenues Receive 22 Percent Boost from NGA Contract
[Satellite TODAY 03-21-11] GeoEye’s $3.8 billion EnhancedView contract with the U.S. National Geospatial-Intelligence Agency (NGA) helped the satellite imagery provider increase its 2010 revenues 22 percent from 2009 to $330.3 million, the company announced March 17.
After generating 2010 fourth quarter net income of $15.2 million compared with net income of $11.7 million in the fourth quarter of 2009, GeoEye now forecasts 2011 revenue to be as high as $380 million, with first-quarter revenues in the range of $86 million to $90 million.
According to GeoEye, the fact that the company was able to expand the services it already provided to the U.S. Department of Defense to the NGA in return for a $337 million contribution to the construction costs of its next satellite allowed the company to increase its 2011 full-year estimates.
Analysts, however, remain slightly more conservative, with 2011 full-year revenue estimates at $366.25 million.